Definitions
There is 1 meaning of the phrase
Performance Bond.
Performance Bond - as a noun
A bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance
Synonyms (Exact Relations)
surety bondExample Sentences
"The construction company had to provide a performance bond before winning the contract."
"The performance bond ensures that the contractor will complete the project according to the agreed-upon terms."
"The performance bond is a form of financial guarantee for the project owner."
"The government requires a performance bond for public infrastructure projects."
"The performance bond acts as protection for the project owner in case the contractor defaults."
